Trusted Answers From Licensed Business Professionals
Many seniors were hoping that lawmakers would retroactively allow individuals to donate up to $100,000 of their IRA to charity. This little known tax break expired at the end of 2011 and had many seniors waiting for it be re-initiated for 2012 and into 2013. Their wish came true, but claiming this tax break for the 2012 tax year isn't very straightforward. After all, the agreement was reached on January 1, 2013 and required minimum distributions were due on December 31, 2013. .